Lottomatica Group's verified consumer gambling operation is principally Italian, governed by the Agenzia delle Dogane e dei Monopoli (ADM), Italy's Customs and Monopolies Agency. The listed parent, consumer brands, licensed operating companies and franchise outlets do not all hold the same rights. The clearest example is remote gaming: the group secured five new ADM concessions through four legal holders, effective from 13 November 2025.
For British readers, that corporate distinction has a further consequence. An Italian ADM concession is not a licence issued by the UK Gambling Commission (UKGC). The issuer reports and the regulator material reviewed for this article establish Italian authorisations; they do not establish a current UKGC authorisation for Lottomatica's Italian consumer domains.
| Regulatory snapshot | Evidence-based position |
|---|---|
| Principal verified consumer market | Italy |
| Italian gaming authority | ADM |
| New remote-gaming concessions | Five (16007-16011), held by four companies |
| Effective date disclosed | 13 November 2025 |
| UK consumer operating licence | Not verified for the named Italian brands in the evidence examined |
Where Lottomatica operates: an Italy-led gambling group
The company reports three business segments: Online, Sports Franchise and Gaming Franchise. They share an Italian regulated market but operate through different commercial arrangements. Online concerns remote betting and gaming; Sports Franchise uses physical betting shops and corners; Gaming Franchise covers gaming-machine networks and certain directly managed premises. These are operating categories, not three transferable regulatory permissions.
The group trades on Euronext Milan under LTMC. International share ownership or analyst coverage does not show that a gambling website can lawfully accept customers abroad.
The group name must not replace each concessionaire's legal identity. A concessionaire holds a specified ADM operating right; ownership of that company does not make the parent its licence holder. See the corporate overview and brands and subsidiaries report.
Who holds Lottomatica's five ADM online gaming concessions?
The FY2025 annual report records four successful applications associated with five remote-gaming concessions under the 2025 Italian award procedure. The award followed ADM decision No. 594211 of 17 September 2025. Agreements took effect on 13 November 2025 and have a stated nine-year duration, subject to their own legal terms. That does not justify inventing a precise day of expiry without checking the agreements.
The mapping below matches the concession numbers with the named holders and principal associated domains. It draws on the annual-report award description and the publicly indexed ADM concessionaire register reviewed on 11 November 2026.
| ADM remote-gaming concession | Legal concessionaire | Associated Italian website |
|---|---|---|
| 16007 | PWO S.p.A. | planetwin365.it |
| 16008 | Betflag S.p.A. | betflag.it |
| 16009 | Goldbet Better Organization Italy S.p.A. (GBO Italy) | goldbet.it |
| 16010 | Goldbet Better Organization Italy S.p.A. (GBO Italy) | lottomatica.it |
| 16011 | Totosi S.r.l. | totosi.it |
There are five concessions but four holders because GBO Italy holds two. Five domains are not five independent corporations. See history and acquisitions.
The annual report places GBO Italy, Betflag, PWO and Totosi within the group structure, but each concession belongs to its formal holder. Trade marks and distribution arrangements are not gaming concessions. Better is not evidence of a sixth remote-gaming concession.
Verification boundary: the table identifies concessions shown in the reviewed official materials. It is not a promise that every domain, product or consumer account will be authorised for every territory indefinitely.
Retail betting, gaming machines and bingo use different rights
Italy's land-based activities do not simply operate under remote-gaming concessions 16007-16011. Sports and horse-racing betting rights, machine-network concessions and bingo authorisations are governed by distinct arrangements and, in some cases, different expiry and extension regimes.
The FY2025 report identifies betting rights connected with entities including GBO Italy, PWO and Ricreativo B. For the gaming-machine network, it identifies Gamenet S.p.A. and Lottomatica Videolot Rete S.p.A. as relevant holders of ADI concessions. Bingo-related arrangements involve Big Easy Bingo S.r.l., with additional historical corporate context. These should not be presented as interchangeable “ADM licences” attached to whichever brand appears on a shop sign.
The operational scale is best explained with measurements from the H1 2026 report, as at 30 June 2026:
| Measure | Reported figure | What is being counted |
|---|---|---|
| Group distribution points of sale | 17,326 | Network locations, not all company-owned |
| Directly managed premises | 122 | The specifically reported directly managed estate |
| Active Sports Franchise points of sale | 3,789 | Betting shops and corners within that channel |
| Betting rights | 4,024 | Regulatory/commercial rights, not shops or online GAD contracts |
| Operative VLTs | 18,164 | Video lottery terminals in operation |
| Operative AWPs | 63,414 | Amusement-with-prizes machines in operation |
The report separately counts 26 horse-racing rights, 19,831 VLT rights and 66,624 AWP operating permits. Authorised rights are not necessarily equal to devices currently operating. Machine numbers cannot be added to locations, and a franchised point of sale is not necessarily a subsidiary or an asset owned by Lottomatica.
In the FY2025 disclosures, certain betting, ADI and bingo concessions were extended to 31 December 2026, subject to the applicable statutory regime and payments. That was the position reported for those rights; it is not proof of any later tender award or extension for 2027. These historical extensions do not establish which rights will apply in 2027.
Regulatory structure at a glance: ADM → remote gaming concessions held by online operators; separate retail betting and horse-racing rights; separate machine-network/ADI and bingo authorisations. A brand or premises may participate in the commercial network without personally holding each relevant concession.
What Italian concessions cost, and why renewals matter
The 2025 remote-gaming awards required a €7 million one-off consideration for each concession. The annual report describes €4 million at award and €3 million at commencement per agreement. For five concessions, the aggregate disclosed consideration was therefore €35 million. This is not an annual gaming tax and not a fee charged separately for every betting shop.
The new remote-gaming regime also imposes an annual concession fee of 3% of a specified net-margin base. The base reflects wagers, winnings and related taxes or duties under the applicable rules, with separate treatment for products where the usual duties do not apply. It would be wrong to state that the fee is 3% of every euro staked, 3% of total IFRS revenue or 3% of EBITDA. The company reported the arrangements taking effect from November 2025, with payments organised under the concession terms.
These payments sit alongside other financial obligations. Lottomatica's FY2025 total concession fees were approximately €64.0 million across relevant business categories, whereas the H1 2026 concession-fee expense was €26.043 million. The six-month sum is not a full-year figure, and neither total is merely the new GAD 3% charge. Likewise, €31.528 million of H1 2026 concession capital expenditure belongs to an investment category, not the same line as an annual licence fee.
At 30 June 2026, the group disclosed approximately €433.6 million in guarantees in favour of ADM. These are concession-related guarantees, not a €433.6 million cash penalty or an automatic addition to net financial debt. Financial guarantees, capital spending, concession fees and gaming duties all matter economically, but their accounting treatment differs. The financial results analysis examines the distinctions in greater depth.
Renewals can change prices, conditions and available rights. Proposed policy changes are not enacted law without an official instrument and effective date.
Partners, suppliers and franchise operators: different relationships
The word partner can hide important differences. Lottomatica's distribution, technology and regulatory relationships should be described according to what each organisation actually does.
| Relationship | Practical role | What it does not establish |
|---|---|---|
| Retail franchisee or outlet operator | Distributes betting products through shops or corners under relevant arrangements | That the outlet is company-owned or holds a remote-gaming concession |
| Other concessionaire | May provide or receive products or services through commercial arrangements | That one company's concession transfers to the other |
| Game-content or technology supplier | Provides games, odds, software, equipment or services | That the supplier is an ADM concessionaire or a subsidiary |
| ADM | Regulates and awards Italian gaming rights | A commercial partnership with the gambling group |
| Industry association such as AGIC | Represents sector participants or policy interests | A gambling licence or customer-supply contract |
The company's H1 2026 report offers a specific example of cooperation with other concessionaires: its Retail and Street Operations recorded approximately €427.6 million of bets from such activities and €26.6 million of related revenue. These figures demonstrate a commercial arrangement within the reported business, not a licence to expand into another jurisdiction.
Trade reporting has also described content supply involving named game studios, including Play'n GO in Italy. However, a second-hand account of a launch does not establish that a contract remains current, that it is exclusive, or what its revenue-sharing terms are. Without a current primary announcement or contract evidence, a named supplier should not be elevated into a verified list of strategic partners. The business-model report explains the wider supplier and franchise economics.
Is Lottomatica licensed to offer gambling in the UK?
No current UKGC permission for the named Italian consumer domains was verified in the evidence reviewed for this article as at 11 November 2026. That is a statement about the evidence available, not a categorical claim that every Lottomatica-related company lacks any UK authorisation or that the brands are “banned”. The distinction is essential in regulated-market research.
The UKGC operates a different regulatory system from Italy's ADM. An Italian remote-gaming concession does not act as a passport into Great Britain's market. A legally meaningful UK check requires matching an active UKGC licence to the specific legal company, its trading names, permitted activities, conditions and associated customer-facing domains. Similar names in search results are not sufficient.
An entry for an unrelated operator called Lottomart, for example, cannot verify Lottomatica's status. Nor can a financial information page about Lottomatica's Milan-listed shares establish a consumer gambling licence. Claims that a particular Italian domain accepts or may lawfully target customers in Great Britain need their own current UK operator and domain evidence.
The FY2025 group disclosures also refer to the completion of the liquidation of historical Lottomatica UK Ltd in 2025. That historical legal-entity event is not, on its own, evidence for or against a current UKGC licence held by some other entity. It certainly does not override the need for a live public-register check.
For readers in Britain, the defensible position is therefore narrow: the issuer reports and indexed regulator records substantiate Italian concessions and holders; UK consumer authorisation remains unverified here. This page is corporate research, not an invitation to register, deposit or gamble with an Italian brand.
What investors and partners should watch next
Three regulatory issues shape the outlook. First, the group's Italian concentration makes changes to ADM concessions, duties and operating requirements material. Secondly, the nine-year remote-gaming concessions and the separately extended retail, machine and bingo arrangements create different renewal profiles; a single group-wide “licence expiry” would be misleading. Thirdly, franchise and supplier scale does not remove dependence on the legal rights of named concessionaires.
The proposed transaction involving CIRSA may eventually broaden the corporate footprint, but as at 11 November 2026 it had not completed. It would be premature to treat CIRSA's jurisdictions, legal companies or gaming licences as already part of the current Lottomatica operating perimeter. Completion dates, approvals and subsequent national-register records will matter more than transaction headlines.
Our assessment is that Lottomatica's licence portfolio is both a competitive operating asset and a continuing obligation. The useful evidence is not a generic assurance that “the group is regulated”, but the ability to connect one legal holder, one concession class, one domain or distribution role and one dated official record. That discipline is also the most reliable way to interpret possible future changes. See risks and prospects for the strategic consequences and people and ownership for the controlling-company structure.
Sources examined: Lottomatica Group FY2025 Annual Report; H1 2026 Interim Financial Report; Italian ADM public remote-gaming concessionaire register (indexed records reviewed 11 November 2026).